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Talks resume about the Milton Theatre’s future [Milton, Delaware]

 It’s stage has been dark for a year and a half, but supporters still haven’t given up on the Milton Theatre. Now the nonprofit that lost the historic theater to foreclosure and the bank partnership that took it back have resumed talks over the theater’s future.

“There is some progress in terms of getting the Milton Theatre back and reopened,” the Milton Development Corporation wrote in a May 22 message to supporters and donors. “We are once again in conversation with DCIC” — the Delaware Community Investment Corporation, a partnership of 35 banks that fund low-income housing projects and community revitalization efforts.

The DCIC foreclosed on the stately brick theater in 2010, when the MDC fell behind on its mortgage, saddled with what had become unsustainable payments on a nearby property it bought as an investment. Last year, before a round of talks ended with no sale, the bank’s asking price for the theater was $450,000.

Maryellen Davis, acting president of the MDC, said it’s too early to discuss details of the theater company’s talks with the bank group.

“At least they’re talking to us,” she said. “We kept waiting for the bank to say something positive. For all I knew they had forgotten about us.”

For the complete story, go to: http://www.delmarvanow.com/article/20120605/DW01/206050310

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